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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: bc who wrote (4668)	2/14/1998 7:10:00 PM
From: Richard Saunders	Read Replies (1) \| Respond to of 24920

steve/ rio alto - check out David Carlson's great (free) website and plunk in "RAX" for the symbol. Recent news releases are posted there and will get you going in the right direction. Carlson's site is at fin-info.com Happy hunting.

To: bc who wrote (4668)	2/15/1998 6:04:00 AM
From: Kerm Yerman	Respond to of 24920

Steve / Rio Alto Exploration Just sent you the complete - cover to cover 1996 annual report for Rio Alto. Let me know if you receive it okay. As Richard suggested, pick up progress from that point using the Carlson website. The following is a list I made for myself that reflects who the major players are in natural gas. These estimates were made in August and events and situations have changed since for some of the companies. However, my objective here is to indicate who is into natural gas and their growth anticipated thru 1999. Although may producers are cutting back in their operating budgets, I believe the natural gas portion of such original budgeting remains generally in tact. Of the listed companies, Rio Alto stands out as the pure natural gas producer. Since this is table data, I will end this posting at this time and continue the subject in my next message. Adjusting all non-table data is a pain in the - you know where. mmcf/d 000's %N.G. Company (Gas Production)Rank ( BOE Prod )Rank ToBOE Names 1997 1998 1999 1999 1997 1998 1999 1999 1999 Gulf Canada Res 525 715 969 01 171 224 266 03 36.4 PanCanadian Pet 765 850 900 02 226 249 264 04 34.1 Petro-Canada 740 800 825 03 169 192 203 07 40.5 Alberta Energy 600 720 780 04 120 143 156 11 50.0 Cdn Natural Res. 620 700 775 05 136 170 192 08 40.3 Talisman Energy 665 695 750 06 196 215 229 05 32.7 Shell Canada 685 700 700 07 155 155 155 12 45.2 Cdn Occidental 432 637 694 08 231 295 311 02 22.3 Norcen Energy 562 634 689 09 148 187 207 06 33.2 Anderson Expl 560 610 660 10 89 98 107 15 61.7 Poco Petroleums 460 550 600 11 86 102 112 14 53.6 Renaissance En 450 550 600 12 130 165 190 09 31.6 Crestar Energy 370 470 520 13 81 103 114 13 45.6 Imperial Oil 330 350 375 14 312 326 340 01 11.0 Suncor Energy 270 300 340 15 122 145 161 10 21.1 Rio Alto Expl 215 275 325 16 23 30 35 23 91.5 Northstar En 220 270 300 17 45 53 58 17 51.1 Tarragon O&G 185 225 250 18 36 46 54 18 46.3 Ranger Oil 177 215 241 19 52 64 87 16 27.7 Penn West Pete 157 185 225 20 29 34 40 22 56.3 Rigel Energy 170 200 220 21 35 40 44 21 50.0 Numac Energy 155 200 220 22 36 45 50 19 44.0 Newport Pete 150 180 220 23 23 27 32 24 68.8 Paramount Res 155 185 200 24 18 21 25 31 80.0 Encal Energy 135 170 200 25 22 28 32 25 61.5 Berkley Pete 80 150 190 26 13 25 32 26 59.4 Ulster Pete 100 135 150 27 20 25 28 28 53.6 Blue Range R 125 140 150 28 16 18 19 36 76.9 Barrington Pet 115 130 150 29 18 23 26 30 57.0 Pinnacle Res 100 120 135 30 23 28 31 27 42.9 Remington En 90 125 130 31 15 25 28 29 46.4 Chieftain Int'l 86 110 125 32 11 14 16 37 78.1 Northrock Res 70 115 125 33 14 21 25 32 49.0 Amber Energy 105 120 120 34 19 35 46 20 26.1 Jordan Pete 84 100 115 35 15 18 20 35 56.1 Beau Canada 78 95 115 36 18 21 24 33 46.9 Cabre Expl 70 85 95 37 18 21 23 34 41.3 Summit Res 65 80 90 38 12 14 16 38 57.0 Archer Res 64 72 80 39 9 10 11 39 72.7

To: bc who wrote (4668)	2/15/1998 6:37:00 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 24920

Steve / Rio Alto Exploration - continued Here is a company that has grown natural gas production at a good rate; 129 mmcf in 95, 165 mmcf/d in 96, 215 mmcf/d (est) in 97, 275 mmcf/d (est) for 98 and 325 mmcf/d (est) for 99. The estimates used are to be considered conservative. In the recent 3rd quarter report, the company said they would average 300 mmcf/d in 98. This would mean the estimate for 99 should be adjested upward also. Most cash flow numbers I've seen would indicate the company should come in around $1.90/share for 1997. I am using the estimates of $2.35 for 98 and $2.80 for 99 at this point in time. I think applying a multiple of 6X 1998 CF and 6.5X 1999 CF is reasonable for determining where the share price is going. I used a higher multiple for 1999 due to premium I believe the market will build into the price due to extra pipeline capacity being realized that year. The market should favor natural gas producers in that period of time. As far as where their operations are and etc., you can pick up on that with the report I sent you. In addition, their recent acquisition detail as to properties must also be identified. They should also be divesting themselves of properties also. Hope this helps you to get started in your review of the company.